GW&K Investment Management LLC Trims Stock Holdings in Allegro MicroSystems, Inc. $ALGM

GW&K Investment Management LLC lessened its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 3.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 683,505 shares of the company’s stock after selling 21,313 shares during the quarter. GW&K Investment Management LLC’s holdings in Allegro MicroSystems were worth $19,958,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in ALGM. PNC Financial Services Group Inc. raised its stake in shares of Allegro MicroSystems by 2.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,713 shares of the company’s stock valued at $430,000 after acquiring an additional 381 shares during the period. Hantz Financial Services Inc. increased its holdings in Allegro MicroSystems by 86.9% in the 3rd quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock valued at $26,000 after purchasing an additional 419 shares during the last quarter. Advisors Asset Management Inc. raised its position in Allegro MicroSystems by 2.1% in the third quarter. Advisors Asset Management Inc. now owns 22,499 shares of the company’s stock valued at $657,000 after purchasing an additional 466 shares during the period. Arizona State Retirement System lifted its stake in Allegro MicroSystems by 1.8% during the third quarter. Arizona State Retirement System now owns 38,293 shares of the company’s stock worth $1,118,000 after purchasing an additional 685 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its stake in Allegro MicroSystems by 4.0% during the second quarter. Teacher Retirement System of Texas now owns 19,573 shares of the company’s stock worth $669,000 after purchasing an additional 745 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Price Performance

ALGM stock opened at $32.78 on Friday. The business has a 50 day moving average price of $34.89 and a 200 day moving average price of $30.79. The company has a quick ratio of 2.39, a current ratio of 3.65 and a debt-to-equity ratio of 0.30. The stock has a market cap of $6.07 billion, a price-to-earnings ratio of -409.75 and a beta of 1.64. Allegro MicroSystems, Inc. has a fifty-two week low of $16.38 and a fifty-two week high of $43.86.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, January 29th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. The company had revenue of $229.21 million for the quarter, compared to analysts’ expectations of $220.78 million. During the same quarter last year, the company earned $0.07 earnings per share. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis. Equities research analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Mizuho set a $38.00 price objective on Allegro MicroSystems in a research note on Tuesday, December 16th. Wells Fargo & Company upped their target price on shares of Allegro MicroSystems from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 11th. Morgan Stanley upgraded shares of Allegro MicroSystems from an “equal weight” rating to an “overweight” rating and set a $51.00 target price on the stock in a report on Friday, February 13th. Jefferies Financial Group reaffirmed a “buy” rating and set a $45.00 price objective on shares of Allegro MicroSystems in a research report on Thursday, February 19th. Finally, UBS Group lifted their target price on Allegro MicroSystems from $40.00 to $44.00 and gave the company a “buy” rating in a report on Friday, January 30th. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $45.00.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.